The Indian External Affairs Minister and the President of the Maldives shake hands.
Since then there has been a change of power in the Maldives. Since then the relations between India and Maldives have not been the same as before. China has also made many efforts to worsen these relations. India even had to call its army from the Maldives. Which China considered a great diplomatic victory against India. Now India has reached such an agreement with the Maldives, something that even China cannot believe. How much benefit will India get from this agreement? Madiva is expected to do so, maybe even more. Let us also tell you what agreement has been concluded between India and the Maldives.
This MoU was signed
Giving information, External Affairs Minister S Jaishankar said that India and Maldives have signed an agreement to launch a Unified Payment Interface (UPI) here. He said that this agreement will have a very positive impact on the tourism sector of Maldives. The memorandum of understanding (MoU) was signed on Friday during Jaishankar’s three-day official visit to Maldives. He said on the social media platform.
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Useful meeting with the Minister of Economic Development and Trade @em_saeedFinance minister @mshafeeqmv and Ahmed Munawar, Governor of the Maldives Monetary Authority.
They exchanged views on enhancing our economic and trade partnership as well as development cooperation. pic.twitter.com/6p4joXU8sj
-Dr. S. Jaishankar (@DrSJaishankar) August 10, 2024
India’s UPI brought the revolution
UPI developed by NPCI is a real-time instant payment system to facilitate transactions between banks through mobile phones. Addressing a press conference after meeting his Maldivian counterpart Musa Zameer, Jaishankar said that India has revolutionised digital transactions through its UPI. Jaishankar emphasised that financial inclusion in India has reached a new level. He said that today 40 per cent of the world’s real-time digital payments are made in our country.
Tourism is very important in the Maldives.
Tourism is the main source of economic activity in the Maldives. It contributes around 30 per cent of the country’s gross domestic product (GDP) and generates over 60 per cent of foreign exchange. The aim of Jaishankar’s visit is to reset bilateral relations with the Maldives. This is India’s first high-level visit after pro-China Maldivian President Mohammed Muizzu took office last year.
headache for china
On the other hand, the growing closeness between Maldives and India has once again become a major headache for China. China has made many efforts to instigate the current Maldivian government against India. In which it was largely successful. Relations between the two countries had also started to deteriorate. India even had to call in its army. Now, the visit of the Indian Foreign Minister to Maldives has started to write a new chapter in improving relations with a neighbouring country. The agreement regarding UPI is just a part of that. It now remains to be seen what kind of reaction comes from China.
